DENVER, Nov. 13, 2017 (GLOBE NEWSWIRE) — SRC Energy Inc. (NYSE Amex:SRCI) (“SRC” or the “Company”), a U.S. oil and gas exploration and production company with operations focused on the Wattenberg Field in the Denver-Julesburg Basin, today announced that it has closed its previously announced underwritten public offering, and that the underwriters exercised their option to purchase an additional 5,250,000 shares of common stock, bringing the total number of shares purchased to 40,250,000. The total proceeds from the offering, including from the issuance of the additional shares, were approximately $312 million (after deducting underwriters’ compensation and estimated expenses). Credit Suisse Securities (USA) LLC and J.P. Morgan acted as book-running managers for the offering. Citigroup and SunTrust Robinson Humphrey also acted as book-running managers for the offering.
The Company intends to use the net proceeds from the offering to finance a portion of the Company’s previously announced acquisition of an aggregate of approximately 30,200 net acres in Weld County, Colorado, to pay related fees and expenses, to redeem or repurchase its existing 9% senior notes due 2021, and for general corporate purposes. If the contemplated acquisition is not completed for any reason, the Company intends to use the net proceeds from this offering for general corporate purposes.
The offering was made pursuant to an effective shelf registration statement of the Company previously filed with the Securities and Exchange Commission (the “SEC”). The offering was made by means of a prospectus supplement and an accompanying prospectus. Copies of the preliminary prospectus supplement for the offering and the accompanying prospectus may be obtained on the SEC’s website at www.sec.gov, or by sending a request to: Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, New York 10010, via telephone at 1-800-221-1037, or by e-mailing email@example.com; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, New York 11717, via telephone at 1-866-803-9204, or by e-mailing firstname.lastname@example.org.